In recent years, Korea has achieved considerable economic growth
accompanied by potential business opportunities for international
companies. The European Union has been negotiating a free trade
agreement (FTA) aiming at increased trade and business relations.
Hence, the Korean business system and its foundations in societal
characteristics need to be taken into account by European political
and economic actors. This study identifies those characteristics
and explores their linkages as perceived by European companies. In
addition, their assessment of the FTA's impact on characteristics
of the Korean business system and on their business activities are
explored. This research is based on the socio-economic approach of
business systems theories. Hence, this study should provide
insights into interrelations between particular characteristics of
the Korean business system and help international market managers,
CEOs and anyone else interested in the Korean market to identify
potential challenges and business opportunities.
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